With many Gulf markets failing, Dubai began experiencing a four-day losing streak | Tech Rasta

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Oct 19 (Reuters) – Major Gulf stock markets edged lower in early trade on Wednesday, tracking oil prices lower, while Dubai’s index closed for four sessions of gains.

Crude prices, the main driver of Gulf financial markets, turned into losses and extended losses from the previous session.

On Tuesday, Brent fell by 1.7% and WTI by 3.1% to the lowest in two weeks due to reports that US President Joe Biden planned to release more barrels from the Strategic Petroleum Reserve (SPR).

Saudi Arabia benchmarks (.TASI) were down 0.1%, weighed down by a 0.8% fall in Dr Sulaiman Al-Habib Medical Services (4013.SE).

Separately, Saudi Crown Prince Mohammed bin Salman on Tuesday launched the National Industrial Strategy, which aims to increase the value of industrial exports to 557 billion riyals ($148.28 billion) by 2030, the country’s state news agency, SPA, reported . Read more

Dubai’s main stock index (.DFMGI) lost 0.2%, weighed by a 2.4% fall in utility Dubai Electricity and Water Authority (DEWAA.DU) as shares hit an ex-dividend.

In Abu Dhabi, the index (.FTFADGI) was flat in early trade, a day after posting its biggest one-day gain in more than a year.

The United Arab Emirates is committed to increasing its oil production capacity, energy minister Suhail al-Mazrouei said on Tuesday. Read more

The state-owned Abu Dhabi National Oil Company (ADNOC) aims to produce the cleanest barrel on the planet, he told reporters.

The Qatari index (.QSI) fell 0.3%, while petrochemical Industries Qatar (IQCD.QA) lost 0.7%.

Qatar Airways has canceled flights from 18 destinations to make room at Hamad International Airport for airlines carrying fans to next month’s soccer World Cup, the company’s CEO said on Tuesday. Read more

($1 = 3.7565 riyals)

Reported by Ateeq Shariff in Bengaluru

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